Morgan Stanley: Maintains CICC (03908.HK) "Overweight" rating, target price HK$32.8

Zhitong Finance APP has learned that Morgan Stanley has issued a research report stating that CICC's (03908.HK) share-swap absorption merger of Dongxing Securities and Xinda Securities completed settlement on October 26, and the newly issued free-float shares will become tradable starting October 29; the company has announced the distribution of a first interim dividend of RMB 0.26 per share, implying that the payout ratio has risen to 25%, in line with the bank's base-case expectation. The bank maintains its "Overweight" rating on CICC with a target price of HK$32.8.